资产配置视角下外汇占款与央行政策研究

Study on Funds Outstanding for Foreign Exchange and Central Bank's Policies from the Perspective of Assets Allocation

本文对外汇占款的变化进行了分析,认为在逐渐市场化的环境下外汇市场各参与方资产配置格局发生了转变,改变了以往央行单独承担外汇占款及外汇资产风险的方式,转而由央行、商业金融机构以及其他部门共同承担,从而有利于减轻央行外汇占款冲销压力、增强货币政策独立性,并为汇率的市场化奠定良好的微观市场基础。

Based on the analysis of the changes in funds outstanding for foreign exchange, this paper states that with the environment more and more market-oriented, changes have taken place in the pattern of asset allocation laid out by participants of the foreign exchange market. The pattem that the central bank bore the risk of foreign exchange as- set alone has changed into the one that the central bank, commercial banks and other institutions take the risk together. Therefore, it will alleviate the burden of the central bank＇ s sterilization, strengthen the independence of monetary pol- icy and lay the micro-market foundation for the marketization of exchange rate.